TotalEnergies Marketing Nigeria Plc has projected to achieve N72.246 billion in revenue for the third-quarter ending September 2022.
In its forecast of the statement of profit or loss and other comprehensive income obtained from the Nigerian Exchange Limited (NGX), the oil firm also projected N58.530 billion as cost of sales for the period.
Challenges of insecurity and other high costs of operations attributable to poor infrastructure have also continued to make the business operating environment difficult – especially in the oil and gas sector of the economy.
Total is also targeting to rake in N3.713 billion as profit before tax and N2.510 billion for profit after tax during the period.
Total Energies Marketing Nigeria recently announced its first quarter (Q1) 2022 unaudited results for the period ended March 31, 2022, with revenue recording 46.3% to N97.61 billion from N66.70 billion reported in Q1 2021.
The growth in revenue reported by Total Energies Marketing Nigeria was driven by higher product prices and demand from consumers in the period three months of 2022.
The petroleum marketing company sustained dominance in the downstream oil & gas market as the growth in revenue was driven by the impressive growth across lubricants & others which gained 91.3% in Q1 2022 and Petroleum products that rose by 34.1% in Q1 2022.
Revenue contribution from the lubricants & others line increased to 31per cent in Q1 2022 from 24% reported in Q1 2021, highest level on record and highlighting management’s strategy of maximizing its lubes revenue growth.
Across its business segments, revenue from the Network rose by 10.8% and contributed 53 per cent of revenue), General Trade rose by 125.6% and contributed 37 per cent of revenue) and Aviation rose by 168.3% and contributed 11% of revenue) segments all increased.
Net finance cost declined by 44.6% to N7.64 million from N140.08 million in Q1 2021, following a surge in finance income to N684 million from N37.05 million in Q1 2021.
On the other hand, finance costs increased by 330% to N761.65 million, driven by interests on other loans from N515.32 million reported in Q1 2022.
Overall, profit before tax surged by 50.6% to N6.55 billion in Q1 2022 as against N4.35 billion reported in Q1 2021.
Notwithstanding a higher tax expense of N2.19 billion in 2022 from N1.38 billion in Q1 2021, profit after tax grew by 47 per cent to N4.37 billion in Q1 2022 from N2.97 billion reported in Q1 2021.